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The Western Investment Company of Canada (WI) investor relations material
The Western Investment Company of Canada Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported a net loss of $0.6 million for 2025, compared to net income of $1.3 million in 2024, which included a one-time gain from the Fortress Insurance acquisition.
Income from equity investments rose to $1.5 million in 2025 from $0.7 million in 2024, led by GlassMasters and Golden Healthcare.
Sold investment in GlassMasters in early 2026 for net proceeds of $23.2 million.
Financial highlights
Total insurance service result for 2025 was $994,674, up from $913,360 in 2024.
Net investment income for 2025 was $986,620, compared to $1,668,828 in 2024.
Gross written premiums at Fortress Insurance grew 42% to $64.4 million in 2025.
Segment performance
Fortress Insurance's net loss narrowed to $0.1 million in 2025 from $0.3 million in 2024; GWP rose 42% to $64.4 million.
GlassMasters revenue increased 10% to $46.9 million; EBITDA rose to $7.0 million from $5.5 million year-over-year.
Foothills Creamery revenue grew 5% to $37.6 million; gross margin improved to 24% from 22%; EBITDA up 19.2% to $3.0 million.
Golden Healthcare revenue increased 8% to $11.0 million; EBITDA improved to $2.7 million from $2.0 million.
- Fortress Insurance drove 44% premium growth as core businesses rebounded in summer 2024.WI
Q2 20246 May 2026 - Third quarter income surged, Fortress premiums doubled, and insurance transition advanced.WI
Q3 20246 May 2026 - Q2 2025 net income surged on premium growth and improved segment performance, despite one-time costs.WI
Q2 20255 May 2026 - Q3 net income up 15%, with strong insurance growth and mixed segment results.WI
Q3 202512 Dec 2025 - Q1 2025 saw higher net loss but strong insurance and segment growth, with improved loss ratios.WI
Q1 20259 Jun 2025 - Net income surged on Fortress Insurance acquisition as Western pivots to insurance focus.WI
Q4 20249 Jun 2025
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